Difference of Real Investor vs Scammer

[Jose Lira]

Hello BP's!

So, I came across a member of the BP community that answered to a proposition of a deal that I posted on the MP but resulted to be a total SCAM. I found that out by searching for posts about his lending company throughout the forums and learned how he tried to scam other other BP's members.

Anyways, as a newbie that I am, I had a hunch during the conversations I had with this pseudo-investor that pointed me to verify his identity. But I know that there are more things than a hunch to determine if an investor is a real investor or just a fraud. 

Could you guys please help us (the newbies) know what things we should ask to an investor to verify his/her identity or what proofs should we get from them to know if they are for real?

Asking for referrals and that kind of stuff could be (sometimes) a difficult conversation between a newbie and the prospect investor. But how can I make sure that the person that is looking at my deal is legit?

Thanks!

[Mindy Jensen]

@Jose Lira , current market interest rates are 4.5-5% give or take. Someone offering anywhere near this should be a bank or mortgage broker. Hard money doesn't lend at current rates.

Another thing to be careful about is the range of loans they're willing to lend on. When they post that they can do $10,000 to $10 million, they're full of it. If they have the money to lend $10 million, they aren't going to bother with $10k loans.